September S&P E-mini
Futures: Today's
range estimate is 1310-1327. I think
yesterday's break will probably continued down to 1300 or so. But it is only a
correction within a bigger up trend. A move to new bull market highs is
underway.
QQQ: A move to new bull market highs is underway.
TNX (ten year note
yield):
The 10 year yield is trading below the low of its recent multi-month trading
range. Yields moved up prior to and after yesterday's Fed news so I conclude
the market thinks the Fed's easing actions will have the desired effect. If so
yields will head back up to 3.00% and higher.
Euro-US Dollar: The market has bounced
off of 1.2250 support. Resistance above the market is now at 1.2760. EU
survival will require a much lower euro than we see now. I think the market
will eventually drop well below 1.1500.
Dollar-Yen: This market is headed
for 75 and lower.
August Crude: The market is headed down to
75.
GLD – August Gold: The
market has dropped to the vicinity of the September and December low points at
1544 and 1529. I think a sustained up move is underway.
SLV - July Silver: A sustained move up is
underway.
Google: Google should hold
support near 562 and then resume its
move up to 750.
Apple: So
far AAPL has held well above its low at 528 (I think the reported 522.16 low
was a bad tick!) even after the S&P and the Dow broke below their
corresponding lows. This is a very bullish development. It makes me think the
AAPL is now in fact headed above its 644 top.
2 comments:
Carl,
Are you sure of a sustained move in silver is underway. It looks to me that a capitulation in the commodities may occur.
ILUV: It seems capitulation has already occurred by many technical indicators RSI and others such as Sprott spot price premium paid by investors over actual price of Silver seen to lows not seen before in the month of May. Hence, it looks to me that a fool's trade is to bet on higher prices as a contrarian and not going with what "seems like a trade". I think many will be caught off guard when PMs slowly and gradually move out of the long lasting long term bottom. I bet bulls will return and richly rewarded in coming three months.
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